Flying V allots Php1 billion for 2011 capex

Flying V, one of the Philippines’ leading independent oil firms, has earmarked Php1 billion (US$22.51 million) for capital expenditures in 2011.  Chairman Ramon Villavicencio said the capex fund will be sourced from equity investments and internally generated funds. Out of its Php1 billion budget, 65% will be allotted for the expansion of its network of gasoline stations. With 235 stations all over the archipelago, Villavicencio said 66 more stations will be added to the company’s network by the second quarter of 2011. (December 24, 2010)